electroCore appointed Joshua S. Lev and Michael Fox as co-CEOs and presidents, with both receiving $540,000 annual base salaries. The change also adds both to the Class III board and revises executive severance and bylaws, giving investors updated governance, compensation and Leadership terms to assess.

Key Highlights

  • Joshua S. Lev and Michael Fox joined the Board as Class III directors, expanding its size.
  • Each executive received a grant of 55,000 restricted stock units under electroCore’s Equity plan.
  • Change-in-control ownership thresholds rose to 50% for specified Acquisition triggers under the amended severance policy.

ElectroCore, Inc. (NASDAQ: ECOR) appointed Joshua S. Lev and Michael Fox as co-Chief Executive Officers and Presidents, setting both executives’ annual base salaries at $540,000. Lev will retain his role as Chief Financial Officer, while Fox will continue as Chief Operating Officer. The appointments took effect on September 8, 2026. The new leadership structure also adds Lev and Fox to the Board as Class III directors.

Co-CEO Roles Set at $540,000

Lev’s annual base salary increased from $470,000 to $540,000, and his target annual cash Bonus was set at 50% of base salary. Fox’s annual base salary increased from $505,000 to $540,000, while his target annual cash bonus rose from 40% to 50% of base salary. The amendments align the executives’ employment terms with their new titles and responsibilities. Each executive also received 55,000 restricted stock units under electroCore’s 2018 Omnibus Incentive Equity Plan. The awards vest in equal annual installments over the applicable vesting period, subject to continued service through each vesting date. Lev and Fox are each treated as the CEO for purposes of electroCore’s Executive Severance Policy.

Severance Rules Adopted

The amended policy changes the definition of base compensation for all participants, including the CEO, so it means gross base salary rather than the CEO’s salary plus target bonus. The policy also removes the separate CEO provision for normal severance and applies a single continued-base-salary provision to participants during the applicable severance period. The CEO change-in-control severance formula was also revised, while the policy now reflects the co-CEO structure throughout. The amendments make Lev and Fox subject to the severance policy and treat each as the CEO for its purposes.

Bylaws and Stockholder Votes

The Board approved amended and restated bylaws that authorize one or more co-Chief Executive Officers. The bylaws extend those advance-notice and universal-proxy provisions to special meetings when director elections are included in the meeting notice. They also address nominee limits, changes to solicitation plans, documentary evidence of solicitation compliance and stockholder coordination disclosures. At the September 8, 2026 annual meeting, 9,015,885 common shares were entitled to vote, with 6,785,685 present in person or by proxy. CBIZ CPAs P.C. was ratified as independent registered public accounting firm with 6,676,653 votes for, 21,032 against and 88,000 abstentions.